Gross Premium Income Grows 24% in May for Non-life Insurers

The gross direct premium underwritten for non-life insurance companies grew to near 24% year-on-year to Rs 15,404.45 crore in May, figures released by insurance regulator IRDAI on Friday showed.

For the first two months of this fiscal year, 33 non-life insurers posted a rise of 22.81% y-o-y in gross direct premium underwritten at Rs 36,680.69 crore in comparison to Rs 29,867.41 crore for a similar period last financial.

Up to May 2022, gross direct premium underwritten for 25 general insurance companies grew 22.62% y-o-y at Rs 33,221.70 crore, while for six stand-alone private insurers, it increased by 26.17% y-o-y at Rs 3,259.01 crore, As indicated by the data compiled by the Insurance Regulatory and Development Authority of India (IRDAI).

Agriculture Insurance Company of India and ECGC Ltd, the specialized PSU insurers, collectively posted a 4.74% y-o-y growth at Rs 199.99 crore in their gross direct premiums underwritten for April and May 2022 from Rs 190.94 crore for the same amount of 2021.


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